Capital : FY 2022 Results Presentation

Capital Limited

2022 Results

March 2023

Disclaimer

Important Notice

This document and any accompanying oral presentation (together the "Presentation") does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Capital Limited (the "Company"), nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.

The Presentation is being supplied to you solely for your information. No reliance may be placed for any purposes whatsoever on the information or opinions contained in the Presentation or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company or any of its members, directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in the Presentation and to the fullest extent permitted by law no liability whatsoever is accepted by the Company or any of its members, directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith, provided that nothing shall be intended to limit the liability of any person for their own fraudulent misrepresentation.

The Presentation is only addressed to and directed at (A) persons in member states of the European

Economic Area who are "qualified investors" within the meaning of Article 2(E) of the EU Prospectus Regulation (Regulation (EU) 2017/1129), as amended ("Qualified Investors") and (B) in the United Kingdom, "qualified investors" within the meaning of Article 2(E) of the UK version of the EU Prospectus Regulation (which is part of English law by virtue of the European Union (Withdrawal) Act 2018, as amended and who are also person who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) are persons falling within Article 49(2)(a) to (d) of the Order, or (iii) it may otherwise lawfully be communicated to (all such persons together being referred to as "relevant persons"). This document must not be acted on or

relied on (i) in the United Kingdom, by persons who are not relevant persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, by persons who are not Qualified Investors. Any investment or investment activity to which this document relates is available only to (i) in the United Kingdom, relevant persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, Qualified Investors, and will be engaged in only with such persons.

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The Company's securities have not been, and will not be, registered under the US Securities Act of 1933 (the "Securities Act"), or under the applicable securities laws of Canada, Australia, Japan or the Republic of South Africa, and may not be offered or sold in the United States (as such term is defined in Regulation S under the Securities Act) unless they are registered under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and, subject to certain exceptions, may not be offered or sold within Canada, Australia, Japan or the Republic of South Africa or to any national, resident or citizen of Canada, Australia, Japan or the Republic of South Africa. No public offer of securities in the Company is being made in the United States, Canada, Australia, Japan or the Republic of South Africa.

Certain statements, beliefs and opinions in this document are forward-looking, which reflect the

Company's or, as appropriate, the Company's directors' current expectations and projections about

future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this document.

By attending the presentation to which this document relates or by accepting this document you will be taken to have represented, warranted and undertaken that: (i) you are a relevant person (as defined above); (ii) you have read and agree to comply with the contents of this notice; and (iii) you will use the information in this document solely for evaluating your possible interest in the Company and for no other purpose.

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2022 Financial Overview

Financial Results

REVENUE	EBITDA	ADJUSTED NPAT ²
(adj. for IFRS16 leases) ¹

$290.3	$86.4	$42.5
MILLION	MILLION	MILLION
Up 28% on FY 2021	Up 19% on FY 2021	Up 16% on FY 2021
($226.8 million)	($72.4 million)	($36.6 million)

2023 REVENUE GUIDANCE

$320 - 340

MILLION

14% increase YoY at the

mid point

Note 1: EBITDA & Cash from Operations are adjusted for the cash cost of the IFRS 16 leases

Note 2: Adjusted NPAT is pre fair value losses/gains on investments

CASH FROM OPERATIONS

(adj. for IFRS16 leases) ¹

$69.8

MILLION

Up 68% on FY 2021

($41.7 million)

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2022 Financial Overview

Balance Sheet

CONTINUED STRONG	NET DEBT	SHAREHOLDER EQUITY	INVESTMENT PORTFOLIO
RETURNS	$47.2	$233.3	$38.7
25.9%
MILLION	MILLION	MILLION
ROCE¹	Up 46% on FY 2021	Up 6% on FY 2021	Up >200% on net invested
vs FY 2021 (22.7%)	($31.9 million)	($219.2 million)	capital ($12.5 million)

Note 1: ROCE is calculated utilising 12 months EBIT and average yearly capital employed (excludes investments at fair value from assets)

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Investment Proposition

Premium

Provider

Premium equipment,

strong partnerships with

premium suppliers, a leader in

technology

Exposure To

Energy Transition

Increasing exposure to structural cycle in battery metals (copper, graphite, lithium and nickel)

Best In Class

Returns and

Margins

2022 ROCE >25% and EBITDA

margins ~30%

Local

Community and

Environmental

Focus

>90% national employees

Tier-1 client portfolio and asset base

Long term partnerships with major

miners including AngloGold Ashanti, Barrick, B2Gold, Centamin, Kinross

Peer Leading Safety Record

Total Recordable Incident Frequency Rate (TRIFR) - 1.2

Deploying innovative		2022 TRIFR Comparison to Competitors
10
technologies and emission	8
reduction initiatives	6
	4
	2
	0
	Capital Limited	Drilling Peers	Mining Peers

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